XAU/USD outlook: Gold price pulls back from new record high on profit-taking/stronger Dollar

Slobodan Drvenica Windsor Brokers

XAU/USD

Gold price accelerated lower on Friday (down 1.7% so far), weighed by stronger dollar and profit-taking on overbought daily studies.

Pullback from new record high ($2483) was anticipated, due to significance of psychological $2500 barrier (next target) and overbought conditions.

Round-figure support ($2400) was dented today, but failure to register weekly close below here, would keep in play scenario of a healthy correction preceding fresh push higher.

Extended dips, on the other hand, would face supports at $2388 (daily Kijun-sen), $2366 (Fibo 61.8% retracement) and thin daily cloud (spanned between $2358 and $2352).

Res: 2411; 2417; 2438; 2450.

Sup: 2388; 2366; 2358; 2350.

Interested in XAU/USD technicals? Check out the key levels

1. R3 2485.33
2. R2 2465.59
3. R1 2433.37
PP 2413.63
1. S1 2381.41
2. S2 2361.67
3. S3 2329.45

Author

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

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